The Customer-Centric Insurance Company: Rip & Replace?

Every insurance company has existing technologies that support the business functions of today, such as distribution, customer acquisition and servicing. These technologies may include websites, portals, mobile applications and web-based business applications. When moving towards a Customer-centric model, is it necessary to “rip & replace” existing technology, or is there an alternative approach to implement a solution?

In the majority of cases that we see, we strive to leverage existing infrastructure and to “surround” the existing technology with a platform, and incrementally migrate or retire systems and technologies that don’t fit into the “go forward” technology roadmap. Why? Because our objective is to minimize the disruption to the business, leverage existing technology expenditures, provide a clear migration path to a new Customer-centric architecture while minimizing implementation risk. Platforms are more flexible than custom development or specialized portal solutions because they provide the depth and breadth of functionality to execute a migration to a new Customer-centric environment without demanding that an insurance company “rip & replace” their existing investment.

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